California Public Employees Retirement System Has $145.29 Million Stake in GE Vernova Inc. (NYSE:GEV)

California Public Employees Retirement System cut its position in GE Vernova Inc. (NYSE:GEV) by 6.1% in the 4th quarter, HoldingsChannel.com reports. The firm owned 441,709 shares of the company’s stock after selling 28,512 shares during the period. California Public Employees Retirement System’s holdings in GE Vernova were worth $145,291,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Howard Capital Management Group LLC bought a new stake in shares of GE Vernova in the third quarter valued at about $213,000. D.A. Davidson & CO. boosted its holdings in GE Vernova by 1.5% in the 3rd quarter. D.A. Davidson & CO. now owns 6,634 shares of the company’s stock valued at $1,692,000 after purchasing an additional 95 shares during the period. Townsquare Capital LLC grew its position in shares of GE Vernova by 16.0% during the 3rd quarter. Townsquare Capital LLC now owns 4,622 shares of the company’s stock worth $1,179,000 after purchasing an additional 638 shares in the last quarter. CreativeOne Wealth LLC increased its holdings in shares of GE Vernova by 30.5% during the third quarter. CreativeOne Wealth LLC now owns 2,161 shares of the company’s stock worth $551,000 after purchasing an additional 505 shares during the period. Finally, Public Sector Pension Investment Board raised its position in shares of GE Vernova by 15.2% in the third quarter. Public Sector Pension Investment Board now owns 12,096 shares of the company’s stock valued at $3,084,000 after buying an additional 1,600 shares in the last quarter.

GE Vernova Stock Performance

Shares of NYSE:GEV opened at $302.71 on Monday. GE Vernova Inc. has a 52 week low of $119.00 and a 52 week high of $447.50. The firm has a market cap of $83.52 billion and a PE ratio of 54.44. The firm’s fifty day moving average is $345.68 and its 200-day moving average is $323.33.

GE Vernova (NYSE:GEV) last released its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 EPS for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). The company had revenue of $10.56 billion during the quarter, compared to the consensus estimate of $10.70 billion. GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The company’s revenue was up 5.1% on a year-over-year basis. Sell-side analysts forecast that GE Vernova Inc. will post 6.59 EPS for the current year.

GE Vernova declared that its Board of Directors has initiated a share buyback program on Tuesday, December 10th that permits the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization permits the company to reacquire up to 6.7% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

A number of brokerages recently issued reports on GEV. Bank of America increased their price target on GE Vernova from $380.00 to $415.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. JPMorgan Chase & Co. boosted their price target on GE Vernova from $374.00 to $436.00 and gave the company an “overweight” rating in a research note on Thursday, January 23rd. Royal Bank of Canada cut their price objective on shares of GE Vernova from $453.00 to $445.00 and set an “outperform” rating for the company in a research report on Tuesday, March 18th. Barclays decreased their target price on shares of GE Vernova from $487.00 to $427.00 and set an “overweight” rating on the stock in a report on Monday, March 3rd. Finally, CICC Research began coverage on shares of GE Vernova in a report on Wednesday, February 19th. They set an “outperform” rating for the company. Seven research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat, GE Vernova has a consensus rating of “Moderate Buy” and a consensus price target of $349.54.

GE Vernova Company Profile

GE Vernova LLC, an energy business company, generates electricity. It operates under three segments: Power, Wind, and Electrification. The Power segments generates and sells electricity through hydro, gas, nuclear, and steam power. Wind segment engages in the manufacturing and sale of wind turbine blades; and Electrification segment provides grid solutions, power conversion, solar, and storage solutions.